How to Bet on Formula 1 - The Complete Guide for 2024
Unlock the ultimate guide to Formula 1 betting in March 2024. Discover how it works, the best sportsbooks, various bet types, and more with FanNation.
In this piece, we will not only teach you how to bet on F1 online, but where to bet on F1 as well. We’ll use real odds from some of the best sportsbooks in the industry, as well as teach you how to sign up for the new-user promos available. If you’re new to sports betting, keep reading this F1 betting guide to learn how to bet on F1 races.
📍 Where is F1 Betting Legal?
Many of you may be wondering, “Can I bet on F1 online legally?” For the majority of you, the answer is yes. Several states now have legal sports betting, and that includes F1 betting. Unfortunately, not all states have legalized sports betting yet, so review the list of legal states below to ensure yours is listed.
These states include Arkansas, Arizona, Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maines, Maryland, Massachusetts, Michigan, Mississippi, Montana, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
If your state is in the list above, keep reading to learn where to bet on F1 in your state.
🏎️ How to Bet on F1
If your state was listed in the previous section, it’s time to become a member of a sportsbook. We will show you exactly where to bet on F1 races in the next section, but they all generally follow the same process. Use our step-by-step guide to begin F1 betting.
- Complete the registration process at any sportsbook that offers F1 betting.
- Claim one of the welcome offers available at the sportsbook.
- Deposit funds in your account using any of the available deposit methods.
- Click on the F1 betting tab within the mobile app.
- Choose an event and market for your first bet.
- Submit your bet, and enjoy the action.
Just remember to carefully review the terms and conditions of each new-user promo to unlock a given reward.
📲 Where to Bet on F1 Races Online
As promised, this section will be all about where to bet on F1 races. Given the increase in popularity of F1 betting in recent years, many sportsbooks are offering a great experience for Formula 1 bettors. We’ve selected five amazing sportsbooks for F1 betting and even have links for you to claim the sportsbook promo code offers at each of them.
F1 at BetMGM
If you’re new to sports betting and unsure of how to bet on F1, claiming the BetMGM promotion worth $150 in guaranteed bonus bets would be an excellent way to get started. As part of the promo, your first bet of $5+ with BetMGM is boosted by four $50 bonus bets, whether your qualifying wager lands in victory or defeat. If your first bet doesn’t win, you’ll receive $150 on the house.
If it does win, you get winnings on top. You can use the bonus bets to place bets on the next F1 event. Click here to create an account with code FANNATION, deposit $10+ and bet $5+ on anything to claim this deal today.
F1 at DraftKings
DraftKings offers a huge variety of F1 betting markets, all accessible through their fantastic mobile app. In addition to futures, DraftKings also offers tons of driver and team props for each and every race.
On top of that, the “$1,000 No Sweat First Bet” promotion available to new DK users should not be missed. Simply place an initial $1-$1,000 bet on any market at DraftKings to receive bonus bets back if you lose. The outcome of your first bet doesn’t necessarily matter, as the bonus bets refund your account in a loss.
Sign up here, deposit $5+ and wager $1-$1,000 to capture this deal now, which also dishes SGP insurance if one of your legs loses!
F1 at Caesars
F1 betting at Caesars is a great experience. What’s great about Caesars Sportsbook is the number of odds boosts for F1 races. Several sportsbooks have frequent odds boosts for current customers, but none have more than Caesars.
For new customers, you can join Caesars and receive up to $1,000 in a first-bet offer when you use our promo code FNEG1000. Once you complete the sign-up process, you’ll just need to deposit $10+ and wager up to $1,000 to receive a bonus bet back of equal value if you lose.
F1 at FanDuel
Considering FanDuel for your F1 betting needs would be a great idea, as the FanDuel app has several markets you can bet on. For example, you can bet which driver will complete the fastest lap or even the winning margin in seconds. In addition to the exciting markets, the FanDuel welcome offer is a sports bettor’s dream.
Once you join FanDuel through the link, you’ll just need to make a $10 deposit and $5 bet on any team or sporting event. If you win, you will receive $150 in bonus bets.
F1 at BetRivers
BetRivers Sportsbook is an intriguing option for F1 bettors. BetRivers boasts a wide variety of deposit methods, outstanding customer support and even a referral bonus for existing customers.
New customers can also claim a $500 Second Chance Bet through the sportsbook’s new-user promo. If your first bet with BetRivers doesn’t win, you will receive bonus bets equal to the amount of your losing bet. Use this link to get started.
🏎️ How F1 Betting Works
This section will start our series on how to bet on F1 races. Read the guide below that gives an overview of how F1 betting works.
- Log in to your new sportsbook account
- Navigate to the F1 betting section in the mobile app
- Pick an event from the list, such as the Dutch Grand Prix.
- Select a market for the selected race. For example, you could bet on Lewis Hamilton to finish on the podium at +115.
- Populate the stake of the wager.
- Submit the bet and enjoy the race.
🏎️ Popular F1 Betting Types
In this section, we’ll begin getting into the details of how to bet on F1 online. The first thing to understand is the types of F1 betting markets available at the sportsbooks. Let’s take a look at some of the most popular types of bets.
F1 Futures
F1 betting futures are probably the easiest market to understand. The most basic form of futures betting is simply picking the driver you think will win the race. You can also bet on various other futures, such as a driver to finish in the Top 6 or Top 10. Season-long futures are also available, such as which driver will win the Formula 1 World Championship.
F1 Props
F1 betting props are extremely popular, as there are so many things that you can bet on. Some examples of F1 props include picking the winning margin in the number of seconds, picking the driver that will complete the fastest lap, and picking whether or not the safety car will appear. If you can think of something to bet on in F1 races, chances are there is a market for it at the best F1 betting sites.
F1 Driver Matchups
Driver matchup bets involve picking which driver will finish better in a head-to-head format. For example, you could bet on a matchup between Carlos Sainz and Charles Leclerc. Neither driver may ultimately win the race, but F1 bettors in this market would be watching these two closely the entire race.
F1 Parlays
Parlays are not unique to F1 betting, but you can certainly use F1 betting markets to construct parlays. Parlays involve multiple bets or legs, and when combined together, can lead to a higher payout. However, you must win both legs in order for the parlay to profit. Some of the sportsbooks even build parlays for you. For example, you could bet on something like Max Verstappen to win the race and the winning margin to be over 12 seconds.
🏎️ F1 Odds & Betting Lines Explained
Now we’re really getting into the details of how to bet on F1 races. In this section, we’re going to give examples using real odds to explain the F1 betting markets we explained in the last section.
- Futures: Futures can be the simplest type of bet you can make, as it can be picking which driver you think will win the race. For example, you could bet on Lewis Hamilton +1600 to win the Dutch Grand Prix.
- Props: As explained in the prior section, there are tons of prop markets available. For this example, you could bet on the winning margin to be between 6 and 12 seconds at +270 odds.
- Driver Matchups: Driver matchups are head-to-head bets involving multiple F1 drivers. For example, you may see a matchup bet like this one below.
- Lando Norris (-270) vs. Oscar Piastri (+190)
📖 How to Read F1 Odds & Betting Lines
To know how to bet on F1 races, you’ll need to be able to read the betting lines that we listed above. Let’s teach you how to bet on F1 using the same examples from the previous section.
- Futures: Lewis Hamilton +1600 to win the Dutch Grand Prix
Futures odds usually have a “+”, followed by a number. This shows the possible payout for a winning $100 bet. Betting $100 isn’t required, but it makes it easiest to understand how to read the odds. In this example, a $100 bet would profit $1600 if Lewis Hamilton wins the Dutch Grand Prix. Similarly, a $10 bet would profit $160.
- Props: Winning margin to be between 6 and 12 seconds: +270
These odds are shown much like futures odds, as we know that a $100 bet would profit $270 if the winning margin of the Dutch Grand Prix is between 6 and 12 seconds.
- Driver Matchups: Lando Norris (-270) vs. Oscar Piastri (+190)
In the head-to-head market, two drivers have odds listed. This means you can bet on either driver against the other. Lando Norris is the favorite in this matchup, indicated by the “-” odds. Oscar Pisastri is considered the underdog, since he has “+” odds. To calculate the payouts, a $100 bet on Pisatri would profit $190 if he finishes better than Lando Norris. However, you would need to bet $270 on Norris to profit $100. Given your stake must be significantly higher on Norris to win the same amount, we know that Norris is a large favorite.
📊 F1 Betting Trends
F1 betting trends are used by some bettors to find patterns and apply them to future betting. By looking at the outcomes of historical races, there may be a tendency for something to occur frequently. For example, the winning margin may typically be very small on a particular track or in certain weather conditions. Examining the results of past races could lead an F1 bettor to make a particular bet.
However, even if something has occurred at a high frequency in the past, it doesn’t mean it will automatically lead to successful future wagers. Trends can provide a theory on something that may occur in the future, but winning is never guaranteed.
🤓 F1 Betting Strategies
As mentioned in the previous section, betting trends can never ensure you will win in F1 betting. In fact, there are no strategies that guarantee success. Our goal in this article is to teach you how to bet on F1 races, but we can’t promise you that your bets will win. To increase your chances, you might want to consider using some of the F1 betting strategies below.
Basic
Following the advice of experts could be an example of a basic F1 betting strategy. You’re not required to do any research before placing a bet, but instead, you are taking the opinions of experts in the F1 betting space. Since no one is guaranteed success in F1 betting, we would recommend finding an expert who provides analysis for free.
Intermediate
A more intermediate F1 betting approach could involve watching the qualifying rounds prior to an event. You may pick up on something that could possibly give you an edge on a bet on the race itself.
Advanced
Advanced F1 betting strategies will usually involve stats prior to placing bets. For example, you may find out that a certain driver has performed extremely well on a particular track based on their fastest lap data.
❌ What to Avoid When Betting on F1
F1 betting is very difficult, particularly in the futures market. As you know, only one driver can win the race. Smart Formula 1 bettors realize this and never make these mistakes.
- Betting Irresponsbily: Betting irresponsibly can mean several different things. Some examples include betting too much money, betting too frequently or chasing losses. The best approach to F1 betting, or sports betting in general, is to operate with the long run in mind. All bettors go through losing streaks, but the ones that last are the ones that avoid betting outside their means.
- Overreacting to One Race: As mentioned earlier, F1 betting is very difficult because of the number of variables in play. For example, a driver may be performing well during a race but is then involved in a crash or has a poor pit stop. Stuff like this happens in Formula 1, which is why it is so difficult to win consistently. It’s important to not overreact to a single race and assume that a driver is performing well or poorly when there are many variables in play.
📱 Betting on F1 Races With Mobile Apps
One of the easiest and most enjoyable ways to engage in F1 betting is by utilizing the sportsbooks’ mobile apps. The apps allow you to have immediate access to the wide selection of betting markets and even make live bets while the race is ongoing.
The apps can be downloaded from the App Store or the Google Play Store by searching for the sportsbook of your choice.
FAQs
❓ Can I Bet on Individual Driver Performances in F1 Races?
Yes, betting on individual driver performances in F1 races is what F1 betting is all about! There are a wide variety of betting markets available at each of our trusted sportsbooks.
❓ Can F1 Betting be Profitable?
Yes, F1 betting can be profitable, but there is no guarantee that it will be. We’ve taught you how to bet on F1 by understanding the different types of markets, but we cannot promise you that you will win. For that reason, please remember to bet responsibly.
❓ How to Bet on F1 and Win
As mentioned, there is no way to bet on F1 and be guaranteed to win. The best chance is to refer to this F1 betting guide on how to bet on F1 races and make sure that you are selecting the best odds by comparing sportsbooks. Please bet within your means.
Enjoyed this article? Further enhance your betting experience with our guides, handpicked for you:
Gambling Problem? Call 1-800-GAMBLER. Hope is here. GamblingHelpLineMA.org or call (800) 327-5050 for 24/7 support (MA). Call 1-877-8HOPE-NY or text HOPENY (467369) (NY). 21+ and present in select states. FanDuel is offering online sports wagering in Kansas under an agreement with Kansas Star Casino, LLC. Gambling Problem? Call 1-800-GAMBLER or visit FanDuel.com/RG (CO, IA, KY, MI, NJ, OH, PA, IL, TN, VA, VT), 1-800-NEXT-STEP or text NEXTSTEP to 53342 (AZ), 1-888-789-7777 or visit ccpg.org/chat (CT), 1-800-9-WITH-IT (IN), 1-800-522-4700 or visit ksgamblinghelp.com (KS), 1-877-770-STOP (LA), visit www.mdgamblinghelp.org(MD), 1-800-522-4700 (WY), or visit www.1800gambler.net (WV).
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